FMDQ Releases Complaints Management Framework Posted on: March 30, 2016

FMDQ Releases Complaints Management Framework. In accordance with the Securities and Exchange Commission (“SEC”) Rules relating to the Complaints Management Framework in the Nigerian Capital Market, FMDQ OTC Securities Exchange (“FMDQ” or the “Securities Exchange”) has developed a Complaints Management Framework (the “Framework”) to address complaints arising out of issues that are covered under the FMDQ Rules* made pursuant to the Investments and Securities Act 2007 and the SEC Rules and Regulations 2013, as well as other issues that arise in respect of activities conducted within the OTC markets under FMDQ’s purview: fixed income (money, treasury bills, bonds, repos and commercial papers), currencies and derivatives.

The Framework is designed to ensure that complaints from FMDQ Members and/or their clients about the activities of the Securities Exchange and its Members are managed in a fair, impartial, transparent and timely manner. It also seeks to support the primary objectives of securities regulation in any capital market as provided by the International Organisation of Securities Commissions, which are aimed at achieving ultimate protection for investors and reducing systemic risk in the markets.

FMDQ in its capacity as a self-regulatory organisation in the Nigerian capital market is vested with the authority to resolve the following complaints:

1. Complaints by clients against FMDQ Members

2. Complaints between and amongst FMDQ Members

3. Complaints by FMDQ Members against the Exchange

4. Complaints against FMDQ Members by the Exchange

5. Such other complaints as may be determined by SEC from time to time

All FMDQ Members and their clients are hereby informed that all complaints that arise in respect of activities conducted within the FMDQ markets fall under its regulatory purview and will be addressed by the Exchange accordingly.

Click here to view FMDQ Complaints Management Framework

*Includes Guidelines, Agreements and such other regulation as may be developed by FMDQ from time to time

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